For many people, when it comes to their mortgage, the benefit of having a fixed interest rate and a specific monthly repayment is what’s most important. But there may be times in your life when you’d like more flexibility from your mortgage, and you may then be able to investigate a flexible remortgage. Its worth noting, however, that some lenders do offer some flexibility with a fixed rate mortgage.
So, how does a flexible mortgage work? And what is flexible repayment?
A flexible mortgage allows you to make overpayments, underpayments and possibly take payment ‘holidays’ or breaks to suit your personal financial situation. This differs from many typical mortgages, which set a fixed repayment amount for the duration of the term.
There are a few reasons why someone may want to take out a flexible mortgage. One of the reasons might be that they can be a sensible option for people who are in a position to pay down their mortgage on an occasional basis, which helps to reduce the amount of interest they pay overall. In addition, people who don’t have a fixed, regular or consistent amount of income may benefit from having a mortgage that allows them to lower the amount they pay at certain times.
There are several options available when it comes to flexible property loans and the features and how they work will differ between providers. The interest rates on a flexible mortgage will also vary depending on your personal circumstances. So, it’s important when you’re searching to find one that has the facilities you need plus the best rates for your circumstances.
To make sure that you’re getting the best deal for you with the most appropriate facilities it would be advisable to speak to an expert who can assess your income, ability to repay a flexible mortgage and present you with the options.
At Private Wealth Mortgages, we have years of experience in navigating the mortgage market, which can sometimes be overwhelming. What’s more, we offer a free, no-obligation initial consultation, so give one of our friendly advisors a call on 01403 270006 or email: info@privatewealthmortgages.co.uk
